[Market Analysis on October 29, 2023]

[Opinion]: BTC fell back yesterday. As written in yesterday’s article, those who shorted in batches near 34100-34500 can continue to hold short orders, and the stop loss remains unchanged! The bulls did not continue to exert force. The small cycle of 15 minutes and the 1-hour high point continued to move downwards. Yesterday, it shot higher and fell back in a short period of time. This shows that there is no main force to buy at this position and the price is more inclined to a downward trend. Step back!

ETH has not yet exited the descending channel, and is currently in the suppression area of ​​the upper boundary of the channel! The high altitude mainly breaks through the channel and stops the loss! See the picture below for the channel👇

【Operation method】:

BTC: Continue to hold short orders at 34500. Those that have not been opened can be shorted in batches at 34100-34500, with a stop loss of 34900.

ETH: Pay attention to around 1800-1810. If it cannot break through, go short on the downside!

[Daily Line Level]: Although the daily line is still bullish and the trend has not yet reversed, there is currently no continued follow-up by bulls, which does not affect short-selling at the short-cycle and medium-cycle levels!

[Hourly level]: There is a demand for a short-term correction. When the price touches the lower edge of the box, there is no volume to move upward! high altitude!

[Summary]: The trend of the large cycle has not changed and is still bullish, but the rebound of the small cycle is weak, indicating that the main force is unwilling to continue buying at this price. You can pay attention to the position near 32900-32500. If there is support or buying, you can continue to open long. If If not, it will rebound high!

(Note: The purpose of posting this article is to exchange valuable opinions and views with everyone, accept all guidance, just to make more like-minded friends, welcome the valuable opinions and views left by Lao Tie)